The Town of Barnstable has two bond ratings to be proud of. Town finance director Mark Milne was informed this week that the Moody's investment house had upgraded Barnstable two positions to Aa1, a step below its highest.

According to Milne's memo, it was Moody's, not the town, that sought to take another look. Moody's last rated the town in 1999, giving it an Aa3 rating, three steps below its highest.

Milne wrote, "Moody's felt that they owed it to bond holders who are holding town bonds that were rated by them to update the bond rating."

The benefit to bond holders is that the new rating provides a higher-graded investment "which could bring them more money if they decided to sell it," Milne wrote.

Milne wrote, "There are only 7 other communities rated Aa1 by Moody's in MA (Acton, Bedford, Boston, Lincoln, Sudbury, Waltham, and Westwood). Both are excellent bonds ratings which the community can be very proud of."

The town's financial advisors indicated that it would be unusual for a rating to jump three rankings at once. Milne expressed confidence that the town could achieve the Moody's highest rating "so long as the town does not deviate significantly from the course it has been following."

Barnstable received an AAA rating from Standard and Poor's earlier this year in association with a sizeable bond issue. That rating allowed the town to sell its bonds in the retail market for the first time, providing competition among bidders and a lower rate on the bonds.

The two ratings are independent of one another. Moody's new rating does not affect the bonds issued under the AAA rating from Standard and Poor's.